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Wednesday, November 3, 2021
Build Back Better? Hawaii Top Tax Rate to Hit 62.4%
By Tax Foundation @ 6:39 PM :: 3203 Views :: National News, Hawaii Statistics, Taxes

Build Back Better Act: Details & Analysis of Tax Provisions in the $1.75 Trillion Budget Reconciliation Bill

From Tax Foundation, November 3, 2021

Democratic lawmakers in the House of Representatives have advanced legislation containing the tax elements of President Biden’s new Build Back Better framework. Here are the updated details and analysis:

According to our new analysis using the Tax Foundation General Equilibrium Model, the major tax provisions in the House Build Back Better plan would:

Result in a net revenue increase of about $768 billion
Reduce long-run economic output by nearly 0.4 percent
Eliminate about 103,000 full-time equivalent jobs
Reduce average after-tax incomes for the top 80 percent of taxpayers

Under the bill, the average top tax rate on personal income would reach 57.4 percent, giving the U.S. the highest rate in the Organization for Economic Co-operation and Development (OECD).

All 50 states plus the District of Colombia would have top tax rates on personal income exceeding 50 percent.

You can see all of our recent federal tax analysis here.

Top Tax Rate on Personal Income Would Be Highest in OECD under New Build Back Better Framework

See more details

Related: A Tax Break for the Rich Could End up Being the Largest Part of the 'Build Back Better' Plan

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